Shares of industrial conglomerate ABB Ltd. took a drubbing after the company disappointed investors with a sales decline and modest earnings growth for 2000.

Jorgen Centerman, who took over as chairman Jan. 1, said at a Zurich news conference that ABB's performance was unsatisfactory. He vowed to boost sales at least 6% annually through 2005. He also promised to nearly double ABB's profit margins, before accounting for interest and...